A developer specializing in converting Rogers Park's magnificent courtyard buildings from rental to condos is in foreclosure.
Foreclosure suit filed on Rogers Park condo conversion
By Andrew Schroedter, Feb. 21, 2008
(Crain's) — NorthSide Community Bank has filed a foreclosure lawsuit to collect $3.5 million on a loan to a Rogers Park condominium converter.
The Gurnee-based bank alleges that a venture managed by Greenlight Development LLC failed to pay off a loan on 7401-11 N. Hoyne Ave. [PIN 11-30-315-001, Hoyne Fargo LLC] when it came due Dec. 29, according to a complaint filed Jan. 31 in Cook County Circuit Court.
Mark Greenberg, president of Chicago-based Greenlight, said seven of the 30 units in the building have been sold and another is under contract.
Other Greenlight condo conversion projects in Rogers Park include properties at 1325-33 W. North Shore Ave. [40 units, PIN 11-32-312-007, RP2 NORTHSHORE, LLC] and 1617-27 W. Fargo Ave. [40 units, PIN 11-30-414-005, RP2 FARGO, LLC].
Read More...
Hoyne Fargo LLC
c/o Mark Greenberg
360 E Randolph
Buckingham Building
Unit 2301
Chicago, IL 60601
$250.00 2/21/2007 to Citizens for Joe Moore
8 comments:
Look around, the housing market has tanked. We'll be seeing quite a lot more of these foreclosures in the next 6 months. RP is in BIG trouble.
Moore pal in Forclosure - Part 1
I looked at this condo. Didn't like the surroundings of the neighborhood. I didn't buy.
We're only a little way down the slope on the housing market.
There is inventory piling up unsold not just in RP but allover the country. Credit is tight, and prices are nowhere near in parity with rent.
It's all very amusing in a way.
Did we or did we not see this coming in 2005?
Hint to developers: you will sell more condos if you knock the prices down. Waaaay down.
attn north coast:
the reality based community kindly requests your attendance at a general information session.
the chicken little act is really gettin' old.
With all the foreclosures that are befalling the "greedy" developers think about all these new condo buildings that will be sitting empty, some will be rented and many will just sit , getting broke into, an empty building to get high in, crash for a couple hours . Yes sir joey got cash contributions in his pocket, developers got their just reward, and RP will have empty buildings
I would recommend you start reading up on the economic scene.
There are over 400 trillion dollars, that's right, TRILLION of Credit Default Swaps and other derivatives attached to the hundreds of billions of dollars worth of defaulting mortgages, that are now unwinding.
HSBC and Citicorp, among others, are writing down tens of billions of dollars in losses.
Bank United of Miami has blacklisted 191 luxury condo developments in Miami (a couple in Vegas), meaning they will not write loans for anything in them.
We still have about 500 billion worth of resets to go, and over a third of all mortgage holders nationwide took out money on HELOCs and home equity loans.
Most housing analysts don't expect a bottom till 2009 earliest.
So I think I can do better to wait,especially since a place comparable to my rental would cost twice as much to buy on monthly payments.
Post a Comment